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Storm Cat Energy Corporation Receives Shareholder Approval of Series B Convertible Debt Placement
Storm Cat Energy Corporation Receives Shareholder Approval of Series B Convertible Debt Placement.
About this update from Sama Resources Inc.
[{"type":"text","content":"\n\n\n\nDENVER and CALGARY, Alberta, March 29 /CNW/ -- Storm Cat Energy\nCorporation (Amex: SCU; TSX: SME) announced that, at a shareholder meeting\nheld today, it received the disinterested shareholder approval required for\nthe Company to proceed with the closing of its US$31.66 million Series B\nconvertible note offering in a private placement pursuant to Regulation D of\nthe Securities Act of 1933, as amended, and exemptions from Canadian\nprospectus and registration requirements under National Instrument 45-106. \nThe resolution, as described in the Company's February 28, 2007 Information\nCircular, received the support of approximately 89% of the shares represented\nand eligible to be voted at the meeting. The notes initially will be\nconvertible into 27,059,829 Storm Cat common shares at a price of US$1.17 per\nshare, subject to adjustments in accordance with the terms of the notes. The\nCompany may force the conversion of the notes at any time after 18 months if\nStorm Cat's common shares trade above US$2.05, as may be adjusted, for 20 days\nwithin a period of 30 consecutive trading days.\n\n\nThe Company plans to use the net proceeds from the sale of the Series B\nnotes to fund its 2007 capital expenditure budget requirements.\n\n\nAbout Storm Cat Energy\n\n\nStorm Cat Energy is an independent oil and gas company focused on the\npursuit, exploration and development of large unconventional gas reserves from\nfractured shales, coal beds and tight sand formations. The Company has\nproducing properties in Wyoming's Powder River Basin, and exploitation and\ndevelopment acreage in Canada, Arkansas and Alaska. The Company's shares\ntrade on the American Stock Exchange under the symbol "SCU" and in Canada on\nthe Toronto Stock Exchange under the symbol "SME."\n\n\nStorm Cat Energy Corporation\nKeith Knapstad\nActing President and Chief Executive Officer\n\n/s/ Keith Knapstad\n\nCompany Contact:\nPaul Wiesner, Chief Financial Officer\nPhone: 87-STORMCAT\nwww.stormcatenergy.com\n\nForward-looking Statements\n\n\nThis press release contains certain "forward-looking statements," as\ndefined in the United States Private Securities Litigation Reform Act of 1995,\nand within the meaning of Canadian securities legislation, relating to the\nproposed use of proceeds. Forward-looking statements are statements...